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LendingClub Corporation – Parent Company-Only Financial Statements (Tables)
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
Condensed Statements of Income (Loss)
Statements of Income
Year Ended December 31,202320222021
Non-interest income:
Marketplace revenue$41,817 $48,231 $115,759 
Other non-interest income9,503 15,628 16,718 
Total non-interest income51,320 63,859 132,477 
Interest income:
Interest on loans held for sale
— 1,390 11,025 
Interest on loans held for investment at fair value2,589 2,875 4,436 
Interest on retail and certificate loans held for investment at fair value4,222 18,135 57,684 
Interest on securities available for sale6,802 7,608 8,922 
Other interest income811 861 26 
Total interest income14,424 30,869 82,093 
Interest expense:
Interest on retail notes and certificates at fair value
4,222 18,135 57,684 
Other interest expense
352 3,426 13,905 
Total interest expense4,574 21,561 71,589 
Net interest income9,850 9,308 10,504 
Total net revenue61,170 73,167 142,981 
Reversal of credit losses— — (3,382)
Non-interest expense:
Compensation and benefits6,520 7,770 31,010 
Marketing— 188 5,460 
Equipment and software246 194 2,459 
Depreciation and amortization16,979 27,342 39,716 
Professional services1,210 523 14,666 
Occupancy9,552 13,346 17,751 
Other non-interest expense24,508 40,398 86,977 
Total non-interest expense59,015 89,761 198,039 
Income (Loss) before income tax benefit
2,155 (16,594)(51,676)
Income tax benefit
2,203 125,954 44,013 
Income (Loss) before undistributed earnings of subsidiary4,358 109,360 (7,663)
Equity in undistributed earnings of subsidiary34,581 127,277 79,291 
Net income$38,939 $236,637 $71,628 
Condensed Statement of Comprehensive Income (Loss)
Statements of Comprehensive Income
Year Ended December 31,202320222021
Net income$38,939 $236,637 $71,628 
Other comprehensive income (loss), net of tax:
Net unrealized gain (loss) on securities available for sale6,706 (1,556)9,153 
Equity in other comprehensive loss of subsidiary(1,282)(43,528)(2,619)
Other comprehensive income (loss), net of tax5,424 (45,084)6,534 
Total comprehensive income$44,363 $191,553 $78,162 
Condensed Balance Sheets
Balance Sheets
December 31,20232022
Assets
Cash and due from banks$96,384 $34,119 
Interest-bearing deposits in banks13,889 22,356 
Total cash and cash equivalents110,273 56,475 
Restricted cash46,628 75,409 
Securities available for sale at fair value ($264 and $8,322 at amortized cost, respectively)
2,953 16,415 
Loans held for investment at fair value8,390 19,227 
Retail and certificate loans held for investment at fair value10,488 55,425 
Property, equipment and software, net17,078 34,199 
Investment in subsidiary937,987 923,618 
Other assets126,899 165,973 
Total assets$1,260,696 $1,346,741 
Liabilities and Equity
Borrowings$2,468 $10,704 
Retail notes and certificates at fair value
10,488 55,425 
Other liabilities86,086 116,318 
Total liabilities99,042 182,447 
Equity
Common stock, $0.01 par value; 180,000,000 shares authorized; 110,410,602 and 106,546,995 shares issued and outstanding, respectively
1,104 1,065 
Additional paid-in capital
1,669,828 1,628,590 
Accumulated deficit
(468,097)(427,745)
Accumulated other comprehensive loss
(41,181)(37,616)
Total equity1,161,654 1,164,294 
Total liabilities and equity$1,260,696 $1,346,741 
Condensed Statements of Cash Flows
Statements of Cash Flows
Year Ended December 31,202320222021
Cash Flows from Operating Activities:
Parent company net income$38,939 $236,637 $71,628 
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed earnings of subsidiary(34,581)(127,277)(79,291)
Income tax benefit(2,203)(125,954)(44,013)
Net fair value adjustments(2,903)(5,929)(5,936)
Reversal of credit losses— — (3,382)
Change in fair value of loan servicing assets50,281 33,840 37,138 
Stock-based compensation, net5,253 6,310 14,506 
Depreciation and amortization16,979 27,342 39,716 
Gain on sales of loans — — (3,372)
Other, net274 16 9,326 
Net change to loans held for sale5,953 31,658 90,609 
Net change in operating assets and liabilities:
Other assets(30,602)42,219 (29,556)
Other liabilities(30,741)(38,258)(95,737)
Net cash provided by operating activities16,649 80,604 1,636 
Cash Flows from Investing Activities:
Acquisition of company— — (145,344)
Payments for investments in and advances to subsidiary— (50,000)(250,001)
Purchase of servicing asset investment(50,576)(59,880)— 
Proceeds from servicing asset investment72,343 24,564 — 
Net change in loans and leases5,066 4,443 1,360 
Net decrease in retail and certificate loans47,545 171,853 437,870 
Proceeds from maturities and paydowns of securities available for sale7,861 46,548 103,258 
Purchases of property, equipment and software, net— — (1,811)
Other investing activities200 2,370 8,804 
Net cash provided by investing activities82,439 139,898 154,136 
Cash Flows from Financing Activities:
Principal payments on retail notes and certificates(47,545)(182,260)(438,032)
Principal payments on Structured Program borrowings(4,073)(21,423)(90,187)
Principal payments on short-term borrowings(2,619)(25,415)(81,935)
Principal payments on long term debt— (15,300)— 
Other financing activities(19,834)(9,028)(9,295)
Net cash used for financing activities(74,071)(253,426)(619,449)
Net Change in Cash, Cash Equivalents and Restricted Cash25,017 (32,924)(463,677)
Cash, Cash Equivalents and Restricted Cash, Beginning of Period131,884 164,808 628,485 
Cash, Cash Equivalents and Restricted Cash, End of Period$156,901 $131,884 $164,808 
(1)    Prior period amounts have been reclassified to conform to the current period presentation.